New Year Pick 2026 by Choice Broking Ltd
Hindustan Petroleum Corporation Ltd
Buy HINDPETRO @ 470 & Upto 460 for the Target of 525/550
Hindustan Petroleum continues to trade in a strong long-term uptrend, having resumed its bullish structure after a corrective phase earlier. The stock has posted higher highs and higher lows and is currently undergoing a healthy consolidation near the upper end of the range, indicating profit booking rather than a trend reversal.
Price is holding comfortably above the 460-465 demand zone, which coincides with the 50-day EMA, while the 200-day EMA placed near 440-445 provides strong medium-term support and reinforces the broader bullish structure. The previous resistance zone near 490 remains a key hurdle on the upside. Currently trading around 470 the stock is showing stability above short and medium-term moving averages, suggesting buyers are active on declines. The RSI is hovering near 58, indicating positive momentum with sufficient room for further upside without entering overbought territory.
The stock remains a buy at CMP, with potential for a fresh upside move toward 525, followed by 550, which align with prior swing projections. On the downside, dips toward 460 can be used for accumulation, while 442 continues to act as a major structural support for the broader trend.
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SEBI Registration no.: INZ 000160131
